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CBN’s Policy On 41 Items Still Intact

CBN’s Policy On 41 Items Still Intact

The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex. We wish to state that these reports and their interpretations are wrong. The CBN has not reversed its policy on the […]

CBN’s New Foreign-currency Policy Revives Nigeria Manufacturers

CBN’s New Foreign-currency Policy Revives Nigeria Manufacturers

The creation of a market-driven foreign-currency window by the Central Bank of Nigeria, has given hope of revival to manufacturers faced with closure or shrinking capacity by easing their raw material imports, an industry group said. “The recent pronouncement of the central bank comes as a relief,” Segun Ajayi-Kadir, director-general of the Manufacturers Association of […]

CBN Sells Treasury Bills To Prop Up Naira

CBN Sells Treasury Bills To Prop Up Naira

The Central Bank of Nigeria sold short-term naira debt at yields above inflation for the third day running on Friday, traders said, supplementing a run of dollar sales in a two-pronged effort to prop up the ailing local currency. Treasury bill sales support the currency by draining some of the cash in the market, thereby […]

Forex Restriction On 41 Items Not Yet Lifted − CBN

Forex Restriction On 41 Items Not Yet Lifted − CBN

Nigeria’s Central Bank on Thursday said it had yet to lift the foreign exchange restriction placed on the importation of the 41 items earlier banned from accessing forex in the interbank market. There had been media reports which had suggested that the apex bank had lifted the restriction through a circular. But the CBN in […]

Buhari Excited Over Forex Stability, CBN Gov Says

Buhari Excited Over Forex Stability, CBN Gov Says

Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, on Thursday said President Muhammadu Buhari was excited at the current stability being witnessed in the foreign exchange market. Emefiele told State House correspondents that Buhari was delighted to learn about the stability when he (the CBN governor) briefed the President of the activities […]

Prices Of Goods To Remain High Despite N1.4tr CBN Lifeline

Prices Of Goods To Remain High Despite N1.4tr CBN Lifeline

You do not expect an immediate change in the price of goods and products. It will take some time. Although there are no less than 22 Central Bank of Nigeria (CBN)-initiated interventions for the foreign exchange market which amounted to $4.44 billion or N1.35 trillion (at N305.85/$), concerns persist about the high prices of goods […]

Banks Short Of Naira To Bid For FX Offer

Banks Short Of Naira To Bid For FX Offer

Banks and other authorized dealers failed to fully subscribe to $150 million offered by the Central Bank of Nigeria (CBN) yesterday. News from the apex bank indicated that the dealers could only pick $43.5 million, which represented 29 per cent of the $150 million offered for subscription in the wholesale segment of the foreign exchange […]

Emefiele Meets Buhari Over Forex Crisis

Emefiele Meets Buhari Over Forex Crisis

Nigeria’s President Muhammadu Buhari yesterday met with the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, at the Presidential Villa, Abuja. Addressing State House Correspondents shortly after the closed-door meeting, Emefiele said their discussions centered on the state of the economy and the continued instability in the country’s foreign exchange market, which he said, […]

CBN’s Policies Impact Positively On Forex Market – Experts Say

CBN’s Policies Impact Positively On Forex Market – Experts Say

The policies of the Central Bank of Nigeria (CBN) had improved dollar liquidity in the foreign exchange market, some financial experts said on Wednesday. The experts, who spoke at the Access Bank 2017 FX Seminar in Lagos, said accessibility to foreign exchange was no longer a challenge, but sustaining the ability to fund the market. […]

Sterling Gains With Strong Services Data

Sterling Gains With Strong Services Data

The Pound Sterling gained against the dollar on Thursday, with stronger-than-expected data out of Britain’s dominant services sector seen bolstering the case for interest rate hikes from the Bank of England coming sooner rather than later. The Markit/CIPS Services Purchasing Managers’ Index (PMI), a closely watched gauge of Britain’s services industry, unexpectedly rose to a […]

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